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Athens News Agency: Daily News Bulletin in English, 97-07-29

Athens News Agency: Daily News Bulletin in English Directory - Previous Article - Next Article

From: The Greek Press & Information Office, Ottawa Canada <grnewsca@sympatico.ca>

ATHENS NEWS AGENCY BULLETIN (No 1249), July 29, 1997

Greek Press & Information Office
Ottawa, Canada
E-Mail Address: grnewsca@sympatico.ca


CONTENTS

  • [01] Greece takes delivery of four new F-16 fighter jets
  • [02] KYSEA meeting
  • [03] Intense security measures for World Athletics Championships
  • [04] Samaranch due in Athens on Thursday
  • [05] Mirage jet crashes in sea, pilot missing
  • [06] Gjirokaster consulate suspends visa issuing for a day
  • [07] PASOK Executive Bureau reviews government progress
  • [08] ND leader prepares for new party profile
  • [09] Greece's new ambassador to Italy presents credentials
  • [10] Greek envoy submits memorandum to US Gov't on Turkish violations
  • [11] ND objections
  • [12] President Clinton meets prominent Greek-American
  • [13] Chief of Staff addresses 'Athena '97 Crisis Handling' seminar
  • [14] Presentation in Winnipeg of the 'Athens 2004' Olympic Games candidacy
  • [15] IOC members briefed on Greece's Olympics bid
  • [16] Balkan university network set up to promote friendship
  • [17] Olympics Windsurfing gold medallist to begin Aegean Sea crossing
  • [18] Woman to testify over shooting death of Greek priest
  • [19] Former premier files suit against daily 'Athinaiki'
  • [20] Serres police bust drug trafficking ring
  • [21] Premier confers with justice minister
  • [22] Ministry meeting to discuss impact of rising US dollar
  • [23] Ministers to discuss measures to improve flow of public transport
  • [24] Greek central bank to hold FRN auction Tuesday
  • [25] Dollar ends at Dr 288.4, sets fifth straight record
  • [26] Greek equities stay buoyant, hold 1,600-point resistance
  • [27] EU raps Greece over air pollution, food
  • [28] Greek telecom chief to FYROM for privatization brief
  • [29] Meeting in Alexandroupolis on creation of international trade center
  • [30] Xiosbank reports increased profits

  • [01] Greece takes delivery of four new F-16 fighter jets

    Athens, 29/7/1997 (ANA)

    The first four F-16 fighter jets of a batch of 40 ordered by Greece in 1992 arrived at the 111 Fighter Wing at Nea Aghialos base yesterday, while the government will tomorrow take the final decision awarding the tender for the modernization of 39 Hellenic

    Air Force Phantom F-4 jets.

    The four F-16 Block 50 -two twin-seater and two single-seater jets- were flown to Greece by US pilots via Ramstein, Germany.

    The new aircraft are equipped with improved radar systems, a more powerful engine and an enhanced weapons platform as compared to the F-16s already in service with the Hellenic Air Force.

    Greek pilots had visited the US to receive training for the new aircraft and they will in turn train colleagues here.

    The official entry into service of the new aircraft will be marked by a special ceremony in late September to be attended by National Defense Minister Akis Tsohatzopoulos.

    [02] KYSEA meeting

    Athens, 29/7/1997 (ANA)

    The government said yesterday that the final decision awarding the tender for the modernization of 39 Hellenic Air Force Phantom F-4 jets would be taken at tomorrow's meeting of the Government Council for Foreign Affairs and Defense (KYSEA).

    On the basis of the tender terms, government spokesman Dimitris Reppas said, one of which is that the aircraft must be ready by the end of the year 2000, it had been decided that the bid of the German company -- DASA -- was superior to that of the US firm which participated in the tender.

    Mr. Reppas also confirmed that US Ambassador to Greece, Thomas Niles, had sent a letter about the matter to Prime Minister Costas Simitis, adding however that this was "a usual procedure which illustrates the interest of diplomatic representatives of foreign countries in issues which concern their countries".

    [03] Intense security measures for World Athletics Championships

    Athens, 29/7/1997 (ANA)

    Over 9,000 policemen will be on duty equipped with the very latest equipment when the IAAF World Athletics Championships open in Athens on Friday, Attica police chief Ioannis Georgakopoulos said yesterday.

    The giant security operation got under way last Friday and was immediately apparent to Athenians unaccustomed to seeing so many policemen and cars patrolling the capital.

    Mr. Georgakopoulos said the operation would climax on Friday and continue until the end of the championships on August 10.

    Some 7,500 officers, supported by approximately 1,500 police cadets, will be on duty during the games, while increased security measures will be taken for the Marathon and long distance walking races.

    Mr. Georgakopoulos said the police would be providing security from the moment teams arrive at Athens international airport and are escorted to their hotels.

    Police officers will accompany the teams as they travel to and from the Athens Olympic Sports Complex each day, while security at the hotels will be tight.

    In particular during the games, Mr. Georgakopoulos said, the police will carry out stringent checks of people entering the hotels at which athletes will be staying.

    [04] Samaranch due in Athens on Thursday

    Athens, 29/7/1997 (ANA)

    International Olympics Committee (IOC) President Juan Antonio Samaranch arrives in Athens on Thursday, eve of the start of the World Athletics Championships which will run through August 10.

    Another prominent IOC member, Prince Albert of Monaco, is due in Athens on August 4.

    [05] Mirage jet crashes in sea, pilot missing

    Athens, 29/7/1997 (ANA)

    A Hellenic Air Force Mirage-2000 fighter plane crashed into the sea northeast of the island of Skyros yesterday morning as it was carrying out a training flight, and its pilot was missing, Airforce sources said.

    Two helicopters and a C-130 plane joined nearby ships in a search operation for Lt. Ioakeim Pantelakis, an experienced pilot with 420 flight hours on Mirages.

    Wreckage from the Mirage was spotted 25 nautical miles northeast of Skyros.

    The jet-fighter took off with another Mirage from Tanagra airforce base on a routine training flight in interception and went crashing into the sea at 10:50, the sources said.

    A committee of experts has been set up to investigate the causes of the accident.

    National Defense Minister Akis Tsohatzopoulos said that all Greeks were grieved by the tragic accident. He said that the tough training by the Greek Airforce to enable it to meet the responsibility it has to defend the country, has also its costs.

    [06] Gjirokaster consulate suspends visa issuing for a day

    Gjirokaster, 29/7/1997 (ANA-P. Barka)

    The General Consulate of Greece at Gjirokaster suspended its visa issuing yesterday following an armed gang of Albanians who waited outside the building waiting for a visa.

    The personnel decided to suspend operations in that department for security reasons.

    The consulate frequently faces similar incidents, with armed gangs demanding visas.

    [07] PASOK Executive Bureau reviews government progress

    Athens, 29/7/1997 (ANA)

    Prime Minister Costas Simitis yesterday chaired a meeting of the ruling PASOK party's Executive Bureau which concentrated on the government's progress and issues that need to be solved.

    Party secretary Costas Skandalidis said that there was full awareness of responsibilities and processes currently under way in need of a solution. Mr. Simitis, he said, would submit a comprehensive plan on all pending issues after August 20.

    Mr. Skandalidis said discussion did not center on the Madrid communiqui, signed between Greece and Turkey during a NATO summit, but he said that differing opinions were registered and will be discussed at the next meeting of the party's Central Committee.

    The secretary also said that there was no question of restructuring the bureau, but that there was a question relating its function and that of the political secretariat.

    According to sources, National Defense Minister Akis Tsohatzopoulos said that the government should deal with the possibility that Turkey and Greece are placed on the same level, following the Madrid communiqui.

    Education Minister Gerassimos Arsenis expressed reservations about the communiqui and called for establishing a committee that would help in collating various views at the Central Committee meeting, to avoid presenting clashing views.

    [08] ND leader prepares for new party profile

    Athens, 29/7/1997 (ANA)

    Main opposition New Democracy (ND) party must present a new political profile after the summer, its leader Costas Karamanlis said yesterday.

    At a meeting to discuss the party's action plan starting in September, Mr. Karamanlis said the party should show it is prepared to deal with the government's policies and present a new alternative to it.

    According to party sources, the ND leader will present his proposals for the economy during the annual Thessaloniki International Fair, taking place early in September. The fair is traditionally the venue for the ruling party's policy speech on the economy for the coming year.

    [09] Greece's new ambassador to Italy presents credentials

    Rome, 29/7/1997 (ANA - L. Hatzikyriakos)

    Greece's new Ambassador to Italy Alexandros Sandis was received by Italian President Oscar Luigi Scalfaro at the Quirinale Presidential Mansion yesterday and delivered his credentials to him.

    Private talks held after the relevant ceremony focused on references to close and traditional ties between the two countries, while Mr. Sandis also took the opportunity to brief President Scalfaro on recent developments in Greek-Turkish relations and the Cyprus issue.

    [10] Greek envoy submits memorandum to US Gov't on Turkish violations

    Athens, 29/7/1997 (ANA)

    Greece's Ambassador in Washington has submitted a memorandum to the US government setting out in detail the latest spate of violations by Turkish warplanes of Greek airspace over the Aegean, government spokesman Dimitris Reppas said yesterday.

    Confirming press reports of the memorandum, Mr. Reppas said it clearly stated Greece's position that "such phenomena not only fail to help but upset the climate which is being aspired to following the Madrid communiqui".

    He was referring to the joint communiqui signed by Prime Minister Costas Simitis and Turkish President Suleyman Demirel early this month on the sidelines of the recent NATO summit in Madrid, defining the principles which should govern Greek-Turkish relations.

    "These phenomena (violations) may be sporadic but they must stop," Mr. Reppas said, clarifying that similar memorandums had not been submitted to other countries.

    [11] ND objections

    Athens, 29/7/1997 (ANA)

    Main opposition New Democracy party spokesman Aris Spiliotopoulos expressed his party's objections yesterday to the memorandum.

    "The statement by the government spokesman concerning memorandums to the United States every time Greek airspace is violated by Turkish warplanes created a sore impression. Statements of such a kind can easily be misinterpreted since they are not compatible with the country's independence and sovereignty," Mr. Spiliotopoulos said.

    [12] President Clinton meets prominent Greek-American

    Sacramento, 29/7/1997 (ANA-T. Ellis)

    US President Bill Clinton met with Angelo Tsakopoulos, a Greek-American who is a prominent member of the Democratic Party, at a summit for the future of Lake Tahoe, in northern California.

    Mr. Tsakopoulos discussed current developments in relations between Greece, the United States, Cyprus and Turkey with the president.

    He also gave the US president a letter on his views concerning the Madrid communiqui, signed between Greek and Turkish leaders at a NATO summit nearly two weeks ago, and Cyprus.

    In his letter, Mr. Tsakopoulos refers to Greece's role in Balkan peace and stability, and Athens' support in Turkey's interest in becoming a European Union (EU) member.

    He also said that Ankara's aggressive policy is encouraged by US arms supplies to Turkey, who uses them to threaten Greece and Cyprus, and called on President Clinton to convince Turkey to give up its aggressive policy, which would help promote her ac cession to the EU.

    [13] Chief of Staff addresses 'Athena '97 Crisis Handling' seminar

    Athens, 29/7/1997 (ANA)

    Greece's military chief said yesterday that respect for international law, treaties and human rights should serve as an important means of communication and co-operation between countries.

    "Dedication to the principles of consistency and respect for international laws, agreements and treaties, respect for human rights and the preservation and promotion of democratic ideals and values constitute the main means of communication and cooperation between countries, and through this co-operation we shall be able to help other countries either avoid a possible crisis or, if they have already become embroiled, to revert to a situation of peace," General (Air Force) Athanasios Tzoganis said.

    The chief of the National Defense General Staff made the statement in an address to the seminar "Athena '97 Crisis Handling", organized by the general staff within the framework of the Joint Action for Peace initiative.

    Mr. Tzoganis noted that much progress had been made regarding the provision of assistance to "hot spots" following the decisions of the competent international organizations, citing in particular the cases of Bosnia and more recently, Albania.

    While remarking that crises and disputes had not been reduced world-wide "either in number or in cruelty", Mr. Tzoganis said this should "encourage us to join forces in order to de-escalate tension, resolve crises and even put an end to wars".

    The Athena '97 seminar is the first of its kind to be held in a NATO member state. Taking part are politicians and military officials from Greece, Britain, Austria, Albania, Bulgaria, Italy, Hungary, Holland, Poland, Romania, Armenia, Kazakhstan, Georgia and the United States.

    [14] Presentation in Winnipeg of the 'Athens 2004' Olympic Games candidacy

    Montreal, 29/7/1997 (ANA)

    Presentation of the "Athens 2004" Olympic Games candidacy was impressive in Winnipeg where the 34th Panamerican Sports Session (PASO) was held on the occasion of the Panamerican Games to be held in this city in 1999.

    Representations from all five candidate cities for the 2004 Olympiad (Athens, Rome, Stockholm, Buenos Aires and Cape Town) arrived in the Canadian city to present their candidacies during their last joint appearance before September 5, when the members of the International Olympics Committee will gather in Lausanne to select the city which will host the 2004 Olympiad.

    A message by IOC President Juan Antonio Samaranch was read during the session and the presentations of the candidacies was made in the presence of the Panamerican Games Executive Committee, chaired by Mario Vasquez Rania from Mexico, while representatives from all the countries of Latin, Central and North America, as well as 10 IOC members, were also present.

    The Greek representation was headed by "Athens 2004" candidacy committee President Gianna Angelopoulou-Daskalaki who presented plenty of audiovisual material concerning the Greek capital's candidacy and drew favorable comments from those present.

    At the end of the presentation, sports officials from countries on the American continent congratulated Ms Angelopoulou and spoke positively of "the degree of Athens' readiness, both with regard to sports installations and major infrastructure works."

    [15] IOC members briefed on Greece's Olympics bid

    Athens, 29/7/1997 (ANA)

    Three more permanent members of the International Olympics Committee (IOC) are paying an official visit to Athens as of yesterday to be briefed on the candidacy of Athens for hosting the Olympic Games in 2004.

    They are Valery Borzov from Ukraine, Anani Mathia from Togo and Louis Giradou N'diaye from Ivory Coast.

    Meanwhile, IOC member Alexandru Siperko from Romania is continuing his visit to Greece. Mr. Siperko visited Delphi on Sunday and Ancient Olympia yesterday.

    In another development, Communist Party of Greece (KKE) Secretary General Aleka Papariga will visit the headquarters of the "Athens 2004" candidacy committee at the Zappeion Mansion at 5 p.m. today, accompanied by party cadres, for a briefing on the course of the Greek candidacy for the 2004 Olympiad.

    [16] Balkan university network set up to promote friendship

    Athens, 29/7/1997 (ANA)

    Twenty universities of the Balkans set up the 'Haemos' University Network to promote co-operation and friendship between countries facing radical socioeconomic changes, the University of Thrace announced yesterday.

    Founding members include universities from Albania, Serbia, the Former Yugoslav Republic of Macedonia (FYROM), Slovenia, Bulgaria, Romania, Turkey, the Ukraine and Russia.

    Greek universities participating in the network besides the one in Thrace include the universities of Ioannina, Thessaloniki, and Macedonia.

    Membership to the network is open to universities from Europe in general as associate members. The network also hopes to contribute to the work of the Association of European Universities.

    [17] Olympics Windsurfing gold medallist to begin Aegean Sea crossing

    Athens, 29/7/1997 (ANA)

    Development Minister Vasso Papandreou will inaugurate the crossing of the Aegean Sea by Greek Atlanta Olympics Windsurfing gold medallist Nikos Kaklamanakis under the Temple of Neptune at Sounion at 11.30 tomorrow morning.

    Following close co-operation with the National Meteorological Service (EMY), Kaklamanakis decided to start his effort tomorrow since the northerly winds he hoped for are already blowing in the Aegean Sea.

    The program anticipates the coverage of 120 nautical miles from Sounion to Amoudi beach on the island of Santorini on the first day. Kaklamanakis and the group following him, three mechanized security boats and a Greek Navy ship, will stay in Santorini tomorrow night as guests of the local authorities before setting out for Iraklion, Crete, on Thursday morning. The termination will take place on the same day on Karterou beach.

    Ms Papandreou will welcome Kaklamanakis in Crete, while on the night of the same day she will attend an event at the prefectural offices organized in his honor.

    The whole effort has received widespread international coverage, resulting in the country's name being heard once again all over the world. Four foreign journalists were due to arrive in Greece yesterday, while the effort will receive close coverage by all Greek TV crews as well as by many foreign correspondents who are already in the country.

    [18] Woman to testify over shooting death of Greek priest

    Athens, 29/7/1997 (ANA)

    A 42-year-old woman who shot to death a Greek Orthodox priest last week will testify before a special investigator this morning.

    Katerina Giannakopoulou, 42, was charged with the shooting death of archimandrite Anthimos Eleftheriadis, 59, in Nea Smyrni on Tuesday and illegal possession and use of arms.

    In statements to the police, Giannakopoulou said she had had an affair with the priest since 1989, and he began taking advantage of her financially in 1991. She told the police she had handed over a total of 25,000,000 drachmas by the time he was posted to London.

    Their estrangement began in 1996, when he returned to vote and pretended he did not recognize her, she said, and following a show-down meeting at his house she decided to kill him.

    Giannakopoulou, married and the mother of a 17-year-old boy, said that she had provided the police with taped phone conversations with the priest.

    [19] Former premier files suit against daily 'Athinaiki'

    Athens, 29/7/1997 (ANA)

    Constantine Mitsotakis, honorary president of main opposition party New Democracy (ND) and former prime minister, yesterday filed a libel suit against daily "Athinaiki" and its publisher, journalist Spyros Karatzaferis, asking for 2 billion drachmas in damages.

    Mr. Mitsotakis filed the suit following a series of articles starting July 17 which alleged that he was bribed with at least 12 billion drachmas to push through the sale of cement company AGET-Heracles to Italian conglomerate Calcestruzzi during his term as prime minister.

    In statements, Mr. Mitsotakis said the sale was carried out entirely transparently and legally, benefiting Greek economy. As proof he cited the fact that the agreement was completed during PASOK's term in power.

    In his suit, Mr. Mitsotakis has filed a claim for 2 billion drachmas in damages and a court injunction that if the defendants don't observe the court decision, they pay out one million drachmas every time they repeat similar reports.

    [20] Serres police bust drug trafficking ring

    Athens, 29/7/1997 (ANA)

    A soldier from Athens is involved in a drug trafficking ring broken up by security police in Serres, northern Greece.

    The soldier was identified as Costas Fotodimos, 20, who was serving at a unit on Syros and had come to Athens on leave. Fotodimos and his two accomplices Antonis Ziogas, 30, and Panayiotis Metaxas, 35, were arrested close to the border with Bulgaria while they were receiving 21 kg of high-grade hashish from Bulgarian national Mihail Georgiev, 34, who had entered Greece illegally from a mountain crossing.

    The three Greeks, riding in two cars, drew the attention of police while they were awaiting Georgiev who followed them and arrested them shortly after the handover.

    Ziogas, who was driving one of the cars carrying the hashish which was packed in three bags, started throwing the quantity into the street when he noticed that police in patrol cars were on his trail. The cars and the hashish were confiscated, while the four arrested men were brought before a prosecutor in Serres.

    [21] Premier confers with justice minister

    Athens, 29/7/1997 (ANA)

    Prime Minister Costas Simitis held consecutive meetings with Justice Minister Evangelos Yiannopoulos and Agriculture Under-secretary Christos Sotirlis yesterday.

    In a statement afterwards, Mr. Yiannopoulos said "I briefed the Prime Minister on all the issues concerning the ministry and specifically issues regarding prisons and courts of law, as well as on issues pertaining to the restructuring of Justice and the reorganization of its mechanisms."

    The question of municipal elections due to take place in autumn next year was also discussed. Commenting on the name of the ruling PASOK party's mayoral candidate for Athens, Mr. Yiannopoulos said it is still early for candidates to exist.

    [22] Ministry meeting to discuss impact of rising US dollar

    Athens, 29/7/1997 (ANA)

    The repercussions which the frenzied increase in the United States dollar will have on inflation in Greece and in general the need to restrain inflation this year will be examined at a meeting at the National Economy Ministry today.

    The meeting will be attended by National Economy and Finance Minister Yiannos Papantoniou, Commerce Under-secretary Mihalis Chrysohoidis and a representative of the Statistical Service.

    Proposals will also be discussed to decrease consumption tax for fuel since fuel prices are adversely affected by the increase in the dollar parity and aggravate inflation.

    The initial results of a study prepared by the Statistical Service will be examined on the possibility of curbing certain taxes in favor of third parties which also burden the prices of products and primarily foodstuffs.

    Lastly, instructions will be given on activating the Competition Committee on specific cases where high prices are observed, primarily for foodstuffs.

    [23] Ministers to discuss measures to improve flow of public transport

    Athens, 29/7/1997 (ANA)

    Several ministers will hold a meeting on Thursday to discuss measures aimed at improving the flow of public transport in cities, particularly Athens.

    Although the initiative for the meeting belongs to Transport and Communications Minister Haris Kastanidis, it is in effect being held on the instructions of Prime Minister Costas Simitis, who was briefed by the minister last week.

    At the meeting with the premier, Mr. Kastanidis set out the problems associated with urban transport which, he underlined, were mainly due to extraneous factors such as the slow flow of vehicles in heavy traffic at peak hours and snarl-ups caused by ongoing major infrastructure works.

    In addition to Mr. Kastanidis, Thursday's meeting will be attended by Environment, Town Planning and Public Works Minister Costas Laliotis and Public Order Minister George Romeos.

    [24] Greek central bank to hold FRN auction Tuesday

    Athens, 29/7/1997 (ANA)

    Greece's central bank will auction 125 billion drachmas' worth of seven-year drachma floating rate notes (FRNs) today in electronic form, the finance ministry said in a statement yesterday.

    The FRNs, for issue on July 31, will have a yield of 10.40 percent in the first interest-bearing period (31.7.97-31.7.98), which represents a base rate of 9.60 percent plus a margin of 0.80 percent, the ministry said.

    For interest-bearing periods until expiry the rate will correspond to that on 12-month treasury bills in force three working days before the start of the period, plus an upper margin.

    The Bank of Greece will use a competitive bid arrangement to tender the FRNs, the statement said.

    [25] Dollar ends at Dr 288.4, sets fifth straight record

    Athens, 29/7/1997 (ANA)

    The US dollar yesterday maintained its unbridled ascent on Greece's domestic foreign exchange market in line with its jump on world markets, setting an all- time high for the fifth straight day.

    The US currency finished at 288.40 drachmas at the central bank's daily fix from 286.60 on Friday, up 0.63 percent. Commercial banks will be selling the greenback at 292.726 drachmas today.

    The dollar has gained 2.27 percent, or 6.4 drachmas on the drachma since last Tuesday when it began its frenzied rise, and 16.5 percent from the beginning of 1997.

    [26] Greek equities stay buoyant, hold 1,600-point resistance

    Athens, 29/7/1997 (ANA)

    Greek stocks finished 1.38 percent higher in moderate-to-active trade yesterday, holding resistance at 1,600 points with ease after retaking the key level at the end of last week for the first time in nine sessions. The Athens general share index ended higher at 1,623.44 points, but the parallel market for smaller cap stocks remained cautious, finishing 0.33 percent down. Turnover edged up to 18.9 billion drachmas from 15.3 billion on Friday.

    Sector indices rose across the board, except construction, which ended flat. Banks jumped 2.07 percent, Leasing crept up 0.44 percent, Insurance leapt 2.15 percent, Investment increased 1.73 percent, Industrials rose 0.70 percent, Holding soared 3.86 percent, and Miscellaneous gained 1.65 percent.

    The dollar set an all-time high against the drachma for the fifth straight day in Greece's domestic foreign exchange market, finishing at 288.40 drachmas at the central bank's daily fix.

    Advances outstripped declines at 126 to 82 with 26 shares remaining unchanged of 234 stocks traded.

    The day's highest percentage gainers were Spyrou Agricultural, Ionian Bank, National Housing Bank (common), Dimitriadis and Bank of Athens (preferred). The biggest losers were Mouriadis, Parnassos, Klaoudatos and Boutaris (preferred).

    Among blue chips National Bank of Greece finished at 37,850 drachmas, Ergobank at 17,700, Alpha Credit Bank at 20,395, Delta Dairies (common) at 3,460, Hellenic Bottling at 10,400, Titan (common) at 15,200, Intracom (common) at 13,205, and Aluminium de Grece (common) at 18,500 drachmas.

    State-run Hellenic Telecommunications Organization finished at 6,380 drachmas.

    [27] EU raps Greece over air pollution, food

    Brussels, 29/7/1997 (Reuter/ANA/G.Daratos)

    The European Union will take Greece to the European Court of Justice for failing to curb air pollution caused by vehicle emissions, the EU's Commission said in a statement released yesterday.

    An EU directive calling for measures to curtail emissions should have been implemented in 1994, the Commission said.

    It also will start infringement proceedings against Greece following complaints it has restricted the free movement of medicinal products.

    The government will be sent a reasoned opinion, the second stage of the infringement process.

    If the Commission receives no satisfactory reply to its queries within two months, Greece may be taken to the Court of Justice. In another tussle, the Commission will send the government a reasoned opinion on adapting food legislation to EU directives on food hygiene and plastic materials coming into contact with foodstuffs.

    [28] Greek telecom chief to FYROM for privatization brief

    Athens, 29/7/1997 (ANA)

    Hellenic Telecommunications Organization (OTE) President Dimitris Papoulias is visiting the Former Yugoslav Republic of Macedonia (FYROM) for talks with government ministers and his counterpart, the general director of FYROM's telecom, Rasto Mikov.

    The visit is expected to provide an opportunity for Mr. Papoulias to be briefed in detail on privatization of FYROM's state telecom.

    [29] Meeting in Alexandroupolis on creation of international trade center

    Athens, 29/7/1997 (ANA)

    A meeting was held in the municipality of Alexandroupolis on the creation of an International Trade Center at the initiative of National Economy Secretary-General Apostolos Fotiadis.

    Among others, the meeting was attended by the President of the Greek Overseas Trade Organization Yiannis Tzen, the Prefect of Evros Mr. Dolios, the founder of the IMC of Cyprus (International Wholesale Trade Center) Mr. Kaisis, as well as by businessmen from Cyprus and the region.

    Mr. Fotiadis made an analytical presentation of infrastructure works being carried out in the region and stressed that the government's interest is turned towards Thrace. Greek Overseas Trade Organization President Mr. Tzen said an international trade center, similar to that of Cyprus, can also be created in Alexandroupolis, adding that activities can be developed there in all the forms and parameters of international economic and trade relations which focus, among others, on investments, joint enterprises, services and tourism.

    Mr. Kaisis made an analytical briefing on the way the IMC operated in Cyprus, saying that he is ready to co-operate with all bodies to achieve the target set. The total cost of the investment is estimated at 100 million dollars.

    [30] Xiosbank reports increased profits

    Athens, 29/7/1997 (ANA)

    Profits gained by Xiosbank have amounted to 2,100 million drachmas in the first half of the year, registering an increase of 110 per cent compared to the corresponding period last year. On the basis of this trend, the bank expects to exceed initial predictions of profits amounting to 2,700 million drachmas in 1997. According to an announcement by the bank, the increase in the profits of Xiosbank is the result of a considerable enlargement of its loan treasury which was funded by ever-increasing deposits.

    In the first half of the current fiscal year, the bank's total loans amounted to 127,345 million drachmas, registering an increase of 41.19 per cent in relation to the corresponding period in 1996, while deposits over the same period increased by 51.19 per cent and reached 174,615 million drachmas.

    The main business credit interest rate for the current week remains unchanged at 17.50 per cent, while for the same period the XiosAlma account offers an annual yield of 10.47 per cent and a monthly payment of interest.

    End of English language section.


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